Barclays Reiterates “Equal Weight” Rating for NetApp (NTAP)
NetApp (NASDAQ:NTAP)‘s stock had its “equal weight” rating reiterated by analysts at Barclays in a research report issued to clients and investors on Thursday. They currently have a $42.00 price objective on the stock, up from their previous price objective of $40.00. Barclays’ target price would suggest a potential upside of 6.87% from the company’s current price.
A number of other analysts have also recently weighed in on NTAP. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of NetApp in a research note on Thursday. They now have a $41.00 price target on the stock, up previously from $39.00. Separately, analysts at Brean Capital raised their price target on shares of NetApp from $42.00 to $45.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Needham & Company LLC upgraded shares of NetApp from a “hold” rating to a “buy” rating in a research note on Thursday. They now have a $49.00 price target on the stock. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $40.66.
Shares of NetApp (NASDAQ:NTAP) traded up 2.72% during mid-day trading on Thursday, hitting $40.37. The stock had a trading volume of 3,531,690 shares. NetApp has a 1-year low of $33.34 and a 1-year high of $45.96. The stock’s 50-day moving average is $37.6 and its 200-day moving average is $37.56. The company has a market cap of $13.060 billion and a P/E ratio of 21.48. NetApp also saw a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 7,973,104 shares, a growth of 36.1% from the July 15th total of 5,858,719 shares. Based on an average daily volume of 3,428,833 shares, the short-interest ratio is presently 2.3 days. Approximately 2.5% of the shares of the stock are sold short.
NetApp (NASDAQ:NTAP) last posted its quarterly earnings results on Wednesday, August 13th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.57 by $0.03. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.47 billion. Analysts expect that NetApp will post $2.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 22nd. Stockholders of record on Friday, October 10th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.68%.
In other NetApp news, Director Daniel J. Warmenhoven sold 20,000 shares of the stock on the open market in a transaction dated Friday, August 1st. The stock was sold at an average price of $38.44, for a total transaction of $768,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
NetApp, Inc (NASDAQ:NTAP) is a provider of storage systems and data management solutions for information technology (IT) infrastructures.
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